First Financial Posts Q1 EPS $1.67, 14.8% Loan Growth After Acquisition
First Financial reported Q1 net income of $19.8 million and EPS of $1.67, up from $18.4 million and $1.55, while net interest income hit a record $56.9 million. Loans grew 14.8% to $4.42 billion post-CedarStone acquisition, and total assets surpassed $6 billion for the first time.
1. First Quarter Financial Highlights
First Financial reported Q1 net income of $19.8 million, a 7.6% increase year-over-year, delivering diluted EPS of $1.67 versus $1.55. Net interest income reached a record $56.9 million, lifting return on average assets to 1.35% and net interest margin to 4.23%.
2. Impact of CedarStone Acquisition
On March 1, the company completed the acquisition of CedarStone Financial, adding $292 million in loans and $313 million in deposits. Combined with organic growth, total loans outstanding rose 14.8% year-over-year to $4.42 billion and climbed 9.1% from the prior quarter.
3. Asset Milestone and Credit Metrics
Total assets topped $6 billion for the first time, while shareholders’ equity increased to $655.3 million and book value per share reached $55.10. The provision for credit losses rose to $2.6 million; nonperforming loans totaled $28.5 million (0.64% of loans), and the allowance for credit losses stood at $52.3 million (1.18% of loans).